This Article is From May 28, 2015

Godrej Industries Rallies as Q4 Net Meets Estimates

Godrej Industries Rallies as Q4 Net Meets Estimates
Godrej Industries shares rallied as much as 13 per cent to hit intraday high of Rs 409.50 after its March quarter earnings which came post the market hours on Wednesday met analyst expectations.

Godrej Industries reported that its net profit for the March quarter jumped 21 per cent to Rs 139 crore year on year. 

Godrej Industries had posted net profit of Rs 114 crore during the same period last year.

Godrej Industries' revenues for the quarter under review jumped 17 per cent to Rs 1,941 crore.

Adi Godrej, chairman of Godrej group told NDTV, "Despite economy doing not doing too well in last financial year our businesses have performed reasonably well. We had reasonable growth in all our businesses and with the economy accelerating on growth front we expect to do better in coming year or two. "

"If the goods and service tax (GST) comes in by April 2016 as it is widely expected, then, we may see double digit GDP growth in 2016-17. Godrej Industries will benefit tremendously from implementation of GST and the rapid growth in economy thereafter," added Mr Godrej.

Shares of Godrej Industries ended 4 per cent higher at Rs 378.